The housing market in the city of Toronto has an average selling price of 5987,551 with a standard deviation of $245,001. A realtor wants to promote their business selling houses in the city.
a) Describe the sampling distribution if the realtor randomly selects 55 houses.
b) Use normal approximation to calculate the probability that the housing price is more than $1,000,000 from a random sample of 55 houses.
C) Suppose that the realtor samples 100 houses instead. Would the standard deviation of the new sampling distribution be bigger or smaller
than the standard deviation of the sampling distribution with 55 houses? Why?